Analyst Issues $80,000 Bitcoin Price Warning As Crypto Markets Retreat

A crypto strategist who rode Bitcoin’s 2023 breakout is warning that BTC is at risk of witnessing a significant correction if it fails to rally above $100,000.

Pseudonymous analyst DonAlt tells his 63,000 YouTube subscribers that Bitcoin will likely bounce if it pulls back to $90,000.

But the analyst warns that a correction now would put BTC in a position to see more downside price action.

“I think if it pulls back to $90,000 in any shape or form, you’re going to get some strength there… But like I said, I don’t that would be necessarily good for the short-term price action.

I think if you get to $89,000, you can get to $94,000 after maybe $95,000 and then I think you’ll probably go back down again.”

The analyst notes that his Bitcoin outlook would be different if BTC soars above $100,000 first before undergoing a meaningful retracement.

“What you want to see basically is this thing just continuing to go. If you pull back at $120,000 or whatever, maybe it flash crashes to $90,000 and then I would say something different. Then I’d be like, ‘Hey, this is a really good area in comparison to whatever else we have on the chart.’

And then maybe it doesn’t just make a lower high but actually really goes…

Otherwise, I think the level ($90,000) is just going to be a roadblock before we go somewhere in the low $80,000s.”

At time of writing, BTC is trading for $94,245.

 

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney